Are outstanding credit card balances counted as part of the money supply?
What will be an ideal response?
No; money is an asset, while the credit card balances are a liability. Thus, they are not included in the money supply figures.
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If production technological interdependency exists, the ________ integration of the successive production stages ________ production costs.
A) vertical; increases B) vertical; can reduce C) horizontal; can reduce D) horizontal; doubles
Paper money in the United States is
A. backed by gold in Fort Knox. B. partially backed by gold and silver. C. entirely fiat money. D. fully convertible into gold at fixed prices.
Under the conditions of monopolistic competition:
A. prices are always lower in the long run than in the short run. B. firm profits are always higher in the long run than in the short run. C. average costs of production are always higher in the short run than in the long run. D. None of these is correct.
Microeconomics examines the
A. total household expenditures. B. decision making undertaken by individual households. C. aggregate business spending. D. behavior of the economy as a whole.